USDC (USD Coin) is a stablecoin pegged to the U.S. dollar, aiming to maintain a 1:1 value. It's issued by Circle, a regulated financial technology company, and was initially a joint project with Coinbase under the Centre Consortium. However, Circle is now the sole entity responsible for USDC.
As a fiat-backed stablecoin, each USDC is intended to be redeemable for one U.S. dollar and is backed by reserves of U.S. dollar-denominated assets held in regulated U.S. financial institutions. These reserves are subject to regular audits to ensure transparency and maintain the peg.
USDC's current price is approximately ₹84.12 (around $1.00 USD). Its market capitalization is substantial, ranking it among the top cryptocurrencies. The circulating supply is around 60.9 billion USDC. USDC is designed to provide stability in the often volatile cryptocurrency market and is used for trading, lending, borrowing, and fast, low-cost international payments across various blockchains like Ethereum, Solana, and others.
